Send­ing cash via an ‘e-voucher’ is pricey

The handy ser­vice of­fered by banks that en­ables you to send money to some­one with­out a bank ac­count will cost you, the sender, writes

Weekend Argus (Saturday Edition) - - FRONT PAGE -

Most banks of­fer their cus­tomers the fa­cil­ity to send money to some­one who doesn’t have a bank ac­count. As long as the re­cip­i­ent has a valid South African cell­phone num­ber, he or she can re­ceive pay­ment.

This method of send­ing some­one money is ev­ery­thing the banks say it is – easy, fast and con­ve­nient – and you can use just about any chan­nel: your bank’s app, in­ter­net bank­ing, cell­phone bank­ing or one of your bank’s ATMs. But it will cost you: ex­pect to pay at least R8 per trans­ac­tion.

Ob­vi­ously, money can’t be sent to a cell­phone; think of it as send­ing some­one a voucher to ob­tain money from your bank ac­count. First Na­tional Bank (FNB) ex­plains it best in de­scrib­ing its eWal­let: “eWal­let en­ables an FNB cus­tomer to cre­ate and fund an elec­tronic store of value from an FNB ac­count, which is ac­ces­si­ble to a nom­i­nated ben­e­fi­ciary who has a valid South African cell­phone num­ber.”

Once you’ve sent the voucher, the re­cip­i­ent gets an SMS with a unique code and/or a num­ber cre­ated by you, which they must use to ob­tain the funds from one of your bank’s ATMs, or from a se­lected re­tailer, if your bank has an ar­range­ment with one.

It’s a handy ser­vice if the per­son you want to pay doesn’t have a bank ac­count or doesn’t want money paid into his or her bank ac­count. It’s also use­ful if you don’t have your bank card on you and you want to draw money your­self.

What­ever your rea­son for us­ing the ser­vice to send money, be mind­ful of the cost to you.

If you are the re­cip­i­ent of cash sent to you in this way, it doesn’t cost you any­thing to draw it, but de­pend­ing on your bank, you have a lim­ited time in which to do so: with some banks, the SMS ex­pires within a cou­ple of hours.


✦ Absa’s ser­vice is called CashSend. Absa is the only bank that doesn’t charge a flat fee per trans­ac­tion of this na­ture. You are charged ac­cord­ing to the type of ac­count from which you are pay­ing. if you have a Trans­act, Mzansi, Mega U or Is­lamic Youth ac­count, you will pay a flat fee of R7.99 when us­ing an ATM to send, re­gard­less of the value of the trans­ac­tion. But if you have any other ac­count, you will be charged R7.90 plus R1.30 per R100. So, if you aren’t on an en­try-level ac­count, it will cost you R20.90 for a R1 000 trans­ac­tion. nil. any Absa ATM. you can’t send more than R1 000 at a time. you can’t send more than R3 000 a day, ir­re­spec­tive of the chan­nel you use. 30 days. If the voucher is not re­deemed in that pe­riod, the funds au­to­mat­i­cally re­vert to the source ac­count. 0860 111 123


✦ FNB’s ser­vice is called eWal­let.

R9.95 per trans­ac­tion. nil. any FNB ATM or at se­lected re­tail­ers (so far, only se­lected Spar stores).

it de­pends on the chan­nel you use – R1 500 at a time us­ing an ATM or cell­phone bank­ing and R3 000 if you send via the app or on­line.

if you use app or on­line bank­ing, you can’t send more than R3 000 a day. And if you are us­ing cell­phone bank­ing or an ATM to send, the daily limit is R1 500.

four hours. 087 575 9405


✦ Ned­bank’s ser­vice is called iMali. R10.50 per trans­ac­tion up to R1000 and R13.50 for trans­ac­tions of more than R1000. nil. any Ned­bank ATM. you can’t send more than R2 500 at a time. R2 500; no monthly limit. 48 hours. 0860 555 111


✦ Stan­dard Bank’s ser­vice is called In­stant Money. trans­ac­tion. R9.95 per nil. any Stan­dard Bank ATM and at se­lected Spar stores. you can’t send more than R5 000 at a time. R5 000 a day (ir­re­spec­tive of chan­nel); R25 000 a month.


three years. 0860 466 639 ✦ Capitec does not of­fer the same ser­vice as the “big four” banks. But Capitec cus­tomers can send money to other Capitec cus­tomers us­ing their cell­phone numbers – in other words, with­out hav­ing their bank ac­count de­tails. It costs the sender R1.50 per trans­ac­tion and the re­cip­i­ent pays for the cost of the SMS no­ti­fi­ca­tion, which is 40 cents. This fa­cil­ity is avail­able on all chan­nels, ex­cept at ATMs. Capitec cus­tomers can make pay­ments of up to R5 000 a day us­ing this ser­vice, and can send up to R5 000 in one trans­ac­tion.

For more in­for­ma­tion, call 0860 102 043.

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